Earnings per Share

9 Months Ended

Sep. 30, 2021

Note 18—Earnings per Share

A reconciliation of the numerators and denominators for earnings per common share computations is presented below. Incremental shares represent outstanding stock options for which the exercise price is less than the average market price of the Company’s common stock during the periods presented. Options to purchase 1,531,404 and 1,676,371 shares of common stock were outstanding as of September 30, 2021 and 2020, respectively. There were 579,064 and 392,439 restricted stock awards outstanding at September 30, 2021 and 2020, respectively. For the three and nine months ended September 30, 2021, no stock options outstanding were excluded from the calculation of diluted earnings per common share. For the three and nine months ended September 30, 2020, 105,657 and 50,000 stock options outstanding were excluded from the calculation of diluted earnings per common share, as their effect would have been anti-dilutive.

The following represent the calculation of basic and diluted earnings per share for the periods presented:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net income	$	25,306	$	13,071	$	75,596	$	25,176
Less: Dividends on preferred shares		196		196		587		587
Net income available to common stockholders	$	25,110	$	12,875	$	75,009	$	24,589
Weighted-average common stock outstanding:
Weighted-average common stock outstanding (basic)		37,200,778		38,057,350		37,773,350		37,973,694
Incremental shares		817,523		191,985		749,762		278,269
Weighted-average common stock outstanding (dilutive)		38,018,301		38,249,335		38,523,112		38,251,963
Basic earnings per common share	$	0.68	$	0.34	$	1.99	$	0.65
Diluted earnings per common share	$	0.66	$	0.34	$	1.95	$	0.64